HSBC taps up Condoleezza Rice for advice on headquarters decision

Comments Off on HSBC taps up Condoleezza Rice for advice on headquarters decision

Europe’s largest lender HSBC is taking on more sage advice from Washington’s corridors of power after sounding out former US Secretary of State Condoleezza Rice about its proposal to move abroad.

The lender is conducting a long-running review into whether the UK is still the best place to base its headquarters after concerns mounting regulations were stifling the outfit.

Rice set up Rice Hadley Gates, an international consultancy firm, alongside President George W Bush’s former national security adviser Stephen Hadley and ex-defence secretary Robert Gates after leaving power, although it is not known if HSBC has formally appointed the group or whether Rice is acting in a personal capacity.

HSBC — which updates on the review next month — declined to comment.

It is also a longstanding client of Kissinger Associates, the consultancy firm set up by Washington insider Henry Kissinger.

Hong Kong was thought to be the likely alternative to London, though HSBC has also looked at a move to the US or Toronto, according to media reports.